Insurance, superannuation keeps finance recruitment above water

Recruitment in the financial services industry is expected to stabilise over the next 12 months after a year of contraction, according to Michael Page International.

According to the survey, stability will be the buzzword in financial services hiring over the next 12 months.

Global uncertainty will continue to take its toll, with replacement roles characterising the immediate environment and new roles expected to be a rarity, it said.

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Financial service professionals were less likely to switch roles and risk job security, although high calibre retail/investment professionals were looking to capitalise on growth in the superannuation sector by redirecting their operations. 

Employers were looking to bring skills in-house to review product lines and manage implementation of new processes, which was driving demand for project managers across the board, according to the survey. 

Executives with experience in complex global institutions were highly regarded, as well as candidates with transformation process experience to assist companies in minimising costs and improving technological efficiencies.

As companies tighten the purse strings, many were offering flexible work arrangements and other non-financial benefits to compensate candidates. Bonus levels were not expected to rise, but salaries may increase by 3-4 per cent for middle management and top performers.

As the year winds down, Michael Page said stretched resources and skills gaps may reverse the replacement role trend and promote new jobs creation.

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